Wednesday, 10 July 2013

Commodity Market Update (Natural Gas)

Precious metals are trading bullish with the most actively traded Gold is higher by $33.50, adding 2.67% at the time of writing this. Silver prices are also trading positive with the near month contract at $19.88, up by 3.73% till now. Federal Reserve announced that it is not in a hurry to raise short-term interest rates though the unemployment rate in the US has come down in near term, indicates that the Fed is not looking for ending its QE program very sudden. Crude Oil prices are trading slightly down with a minor decline of just 0.33% or 30 cents at $106.12. NYM Natural Gas prices are also lower with the most active contract at $3.62, -1.17%. We expect Oil and Natural Gas prices to trade with a negative bias for the day. On Base metals, prices are in green with Copper leading the counter, posted a significant rally to add more than 3% or 214 points at $7011.00, trading above the crucial level of $7000.00. Other metals are also trading firm, Nickel is at $13805.00 and Lead is at $2107.50, up by 1.75% each.
Important releases to watch:
US Unemployment Claims, Natural Gas Storage

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